Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Assets Measured on Recurring Basis

The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.


			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of March 31, 2025
Cash Equivalents:
Money Market Funds	$	1,796,171	$	1,796,171	$	—	$	—
US Treasury Securities	174,611		—		174,611		—
Total Cash Equivalents Measured at Fair Value	$	1,970,782	$	1,796,171	$	174,611	$	—

Short-term Investments:
US Treasury Securities	$	395,139	$	—	$	395,139	$	—
Government Agency Securities	15,303,836		—		15,303,836		—
Corporate Debt Securities	4,410,858		—		4,410,858		—
Asset Backed Securities	224,998		—		224,998		—
Total Short-term Investments Measured at Fair Value	$	20,334,831	$	—	$	20,334,831	$	—

Total Assets Measured at Fair Value	$	22,305,613	$	1,796,171	$	20,509,442	$	—


			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2024
Cash Equivalents:
Money Market Funds	$	562,604	$	562,604	$	—	$	—
US Treasury Securities	691,917		—		691,917		—
Total Cash Equivalents Measured at Fair Value	$	1,254,521	$	562,604	$	691,917	$	—

Short-term Investments:
US Treasury Securities	$	92,314	$	—	$	92,314	$	—
Government Agency Securities	18,540,550		—		18,540,550		—
Corporate Debt Securities	4,062,673		—		4,062,673		—
Asset Backed Securities	304,223		—		304,223		—
Total Short-term Investments Measured at Fair Value	$	22,999,760	$	—	$	22,999,760	$	—

Total Assets Measured at Fair Value	$	24,254,281	$	562,604	$	23,691,677	$	—

Schedule of Liabilities Measured on Recurring Basis

The following table provides information for liabilities measured at fair value on a recurring basis using Level 3 inputs:


	March 31, 2025		December 31, 2024
Contingent Consideration:

Non-current	$	4,466,682	$	4,191,490
Total Contingent Consideration	$	4,466,682	$	4,191,490

Schedule of Unobservable Level 3 Inputs

After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using the following unobservable Level 3 inputs:


	Valuation Technique	Unobservable Inputs	March 31, 2025		December 31, 2024
	Discounted cash flow	Payment discount rate	14.0	%	15.1	%
Bayon		Payment period	2027 - 2029		2027 - 2029
Panoptes		Payment period	2027 - 2028		2027 - 2028
Bayon		Probability of success for payment	48% - 77%		42% - 77%
Panoptes		Probability of success for payment	30% - 33%		30% - 33%

The Company engaged a third-party valuation firm to complete a quantitative assessment of in-process R&D as of August 31, 2024, which includes the following unobservable Level 3 inputs:

Valuation Technique

Unobservable Inputs

Discount Rate

KIO-104

Multi-Period Excess Earnings Method

Probability of success for next development phase

17% to 36%

KIO-301

Multi-Period Excess Earnings Method

Probability of success for next development phase

23% to 43%

KIORA PHARMACEUTICALS INC 10-Q